24 August 2012
sir, plz clarify me about the turnover limit for tax audit purpose in the case stated below: if an organisation has a turnover of Rs. 56 Lakhs (excluding all taxes)in the f.year 2011-12, but the turn over including sales tax (i.e. VAT) is Rs. 61 Lakhs and the n/p is more than 8% of Sales, then is the organisation required to be Audited u/s 44AB.
So plz guide me in understanding the term Turn over for Tax Audit purpose; is that including taxes or excluding taxes.
Guest
Guest
(Expert)
24 August 2012
In second. 44AB it is menioned as gross receipts which will include service tax.so in this case tax audit will be applicable.
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